UPDATE 1 — Pakistan buys 365,000 metric tons wheat in tender seeking up to 750,000 tons, traders say
(Adds background, shipment, expected origins) HAMBURG, Sept 19 (Reuters) — A state agency in Pakistan has bought 365,000 metric tons of wheat in an international tender to buy and import up to 750,000 tons which closed this week, European, traders said on Saturday. The wheat was all bought at $348.83 a ton cost and freight included (c&f). Traders had reported the request from state agency Trading Corporation of Pakistan (TCP) to participants in the tender to reduce their previous offers to match the lowest prices. Traders said four consignments of 50,000 tons were each bought from trading houses Dreyfus, Bunge, Agrocorp and Aston. Three 55,000 ton consignments were bought from Falconbridge, CHS and Ameropa. A new wheat purchase tender is expected to be issued by Pakistan in coming days to buy the remaining 385,000 tons sought in this week’s tender for 750,000 tons, traders said. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. The tender came at a difficult time for importers, with fighting bringing ship-borne Black Sea exports of cheap Russian and Ukrainian wheat to a virtual stop with supplies from alternative origins
(Adds background, shipment, expected origins) HAMBURG, Sept 19 (Reuters) — A state agency in Pakistan has bought 365,000 metric tons of wheat in an international tender to buy and import up to 750,000 tons which closed this week, European, traders said on Saturday. 83 a ton cost and freight included (c&f). Traders had reported the request from state agency Trading Corporation of Pakistan (TCP) to participants in the tender to reduce their previous offers to match the lowest prices. Traders said four consignments of 50,000 tons were each bought from trading houses Dreyfus, Bunge, Agrocorp and Aston.
Three 55,000 ton consignments were bought from Falconbridge, CHS and Ameropa. A new wheat purchase tender is expected to be issued by Pakistan in coming days to buy the remaining 385,000 tons sought in this week’s tender for 750,000 tons, traders said. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. The tender came at a difficult time for importers, with fighting bringing ship-borne Black Sea exports of cheap Russian and Ukrainian wheat to a virtual stop with supplies from alternative origins more expensive.
Traders said Pakistan is believed to have a substantial import requirement to cool domestic prices after a disappointing domestic harvest. The wheat sought in the tender can be sourced from any optional worldwide origins apart from Israel and India or from other countries banned or sanctioned by Pakistan. Traders said most tender participants offered various origins including Russia, Ukraine, Bulgaria, Romania, Canada, Argentina, Brazil, the United States, Latvia, Germany and any worldwide origins. Shipment was sought in 50,000 ton consignments organised so that the wheat purchased arrives in Pakistan by November 20 at the latest.
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